Analytics

News, Trend, & Analytics 22.01.2021

Biden has a full plate

Today the focus is on Bitcoin’s drop, Tesla’s explosion, and Biden’s plans for the future.

 

Calendar

08:30 UTC

Germany’s Manufacturing Purchasing Managers Index (PMI) will be released. A reading above 50 indicates expansion in the sector. A higher than expected reading should be taken as positive/bullish for the EUR.

Assets to trade: EUR/CHF, EUR/NZD, EUR/USD


09:30 UTC

The U.K. Manufacturing Purchasing Managers Index (PMI) will be published. Forecast at 57.3. A higher than expected reading should be taken as positive/bullish for the GBP.

Assets to trade: GBP/AUD, GBP/JPY, GBP/CAD


16:00 UTC

US Crude Oil Inventories will be announced. Projected to decrease by -1.167. If the decrease in crude inventories is less than expected, it implies weaker demand and is bearish for crude prices.

Assets to trade: Brent

 

News

Biden will strike a more predictable and diplomatic tone with China, but not too relaxed when it comes to tech and trade. Affects NASDAQ


US Jobless claims totaled 900,000 for the week ended Jan. 16, slightly less than the Dow Jones estimate of 925,000. Affects USD


The price of Bitcoin slipped over 6% on Thursday to as low as $31,310, falling below the $32,000 level for the first time since Jan. 11. Affects Bitcoin


BMW aims to return to its pre-pandemic operating margin, but big investments in electric cars mean the automaker will have to simplify its vehicle portfolio. Affects BMW


A Tesla Model 3 exploded in an underground residential parking garage in Shanghai on Tuesday. Affects Tesla

 

Technical Analysis

GBP/USD

A regime change in the US has sparked new highs for the stock market, but has not been as kind to the dollar. Jobless claims, though muted investor’s hopes around Biden’s stimulus plan still put a drag on the currency.

The pair is testing the most recent resistance level at 1.375. The price will likely reflect off of the level rather than pass through it.

Boeing

This asset is trading in a channel, and will likely bounce up off the support level.

AUD/CHF

The pair is trading within a channel, and will likely continue downward toward the support level around 0.6827 and reverse as it nears the line.

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